Standard Life Wealth has completed its acquisition of Newton Private Clients, the wealth management division of the fund group.
The deal sees Standard Life Wealth increase its assets to £5.5 billion and chief executive Richard Charnock (pictured) said it provided an 'immediate step up in scale' and reinforced the firm's ambition to be a leading player in the discretionary world.
The combined entity will have a total of 4,500 high net worth and ultra high net worth clients on its books with offices in London, Birmingham, Bristol, Leeds and Edinburgh.
The acquisition was initially announced to the market in February, when parent company Standard Life said it would take on Newton's private client division, which manages £3.6 billion in assets, though it would not bring over its multi-billion charity business as part of the deal.
Charnock said in a statement: 'This is an important acquisition for Standard Life. It provides an immediate step up in scale for Standard Life Wealth and reinforces our ambition to be a leading player in the discretionary investment management sector.
'We are delighted with the positive reaction to the acquisition from clients, introducers and colleagues, who are excited about the enhanced opportunities the combined business offers.'